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EXPORT RESTRICTIONS IN RAW MATERIALS TRADE: FACTS, FALLACIES AND BETTER PRACTICES (c) OECD 2014
Chapter 2
ECONOMICS OF EXPORT RESTRICTIONS
AS APPLIED TO INDUSTRIAL RAW MATERIALS
K.C. Fung and Jane Korinek 1
2.1. Introduction
This chapter analyses the effects of export restrictions from a theoretical perspective, paying
particular attention to the specificities of the industrial raw materials sectors.
2 Government
interventions in the industrial raw materials sectors tend to be more prevalent than in many others,
and to this end, export taxes and quotas are frequently used. The main insights from this analysis
can be found in the concluding section.
The literature on the economic consequences of export restrictions is quite limited,
particularly compared with that on import taxes and quotas. Furthermore, much of the analysis
relates to the agricultural sector, whose specificities – production decisions at fixed times, long
supply lags, uncertainties linked to weather and disease – hardly match those of the industrial raw
materials sectors. This chapter develops the analysis of export restrictions in the context of the
industrial raw materials sectors, taking their main characteristics into account in the model
specifications.
Industrial raw materials sectors exhibit their own particularities. First, natural resources in the
extractive industries are often geographically concentrated. For some minerals or metals, the
greater part of the world’s exploitable resources are found in just one or two countries. Moreover,
for some mineral exporting countries, a few products from the extractive industries make up a large
share of their total exports. Thus, export diversification is sometimes low, and domestic income,
employment and government revenue are often quite dependent on the value generated by a single
industry.
Firms in extractive industries are often multinationals based outside the countries where they
operate and with sizeable market power. The relative scarcity of technical skills, access to funding
and the ability to assume risk over the long term implies that few firms worldwide are able to
compete in large mining ventures (Boadway and Keen, 201 0). At the same time, these firms
sometimes represent formidable potential for income generation in the countries in which they
operate. In some countries, large mining or refining firms are state-owned.
Extractive industries are generally highly capital-intensive with low levels of employment
creation. Downstream industries are located along the processing chain where the product is
transformed from ore to concentrate to powder, mineral to metal, and finally to finished products.
The further downstream a processing industry is from mineral extraction, the more sophisticated
technological inputs and knowhow it tends to require and the more jobs it creates. Typically, a
refining or smelting plant will be more labour-intensive than a mine, a plant producing semi-finished
goods tends to be more labour-intensive than a smelter, and a factory producing finished
manufactures will be even more labour-intensive.
Mineral resources are, generally speaking, relatively homogeneous goods. Although the
quality and grade of extracted ores can vary, in processed form metals are quite homogeneous
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